by Russ Roberts on January 16, 2009

in Financial Markets

The New York Times reports:

Two weeks after closing its purchase of Merrill Lynch at the urging of
federal regulators, the government cemented a deal at midnight Thursday
to supply Bank of America with a fresh $20 billion capital injection
and absorb as much as $98.2 billion in losses on toxic assets,
according to people involved in the transaction.

Where will it end? Who is in charge of deciding what is necessary vs. what is helping the shareholders of Bank of America? Where is the accountability?


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